Insight Bureau: Based on the recommendations of the Seventh Pay Commission, Odisha Government has increased the House Building Assistance for the State Government employees from Rs 25 lakh to Rs 40 lakh.
Interest rates have also been reduced to 8%.
The loan will be given to employees in two phases in a ratio of 60-40.
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Under the previous Housing Assistance Act of 2010, loans of up to Rs 25 lakh were issued, with a maximum interest rate of 11.5%.
At present, the amount of housing assistance has been increased to Rs 40 lakh and the interest rate has been reduced to 8%.
All permanent employees, including employees under the National Pension Scheme, can receive this assistance.
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